In the new reality of the Covid-19 Pandemic, what is more important to consumers—entertainment or finances? Invoke conducted an online study and published a report that is available for download.
In the new quarantined reality that is the Coronavirus Pandemic, Americans are having to find new ways to keep themselves occupied while stuck at home. While many have become very creative in their efforts, a significant number of people have simply turned to watching more content. But the sad reality is that content frequently costs money; and with a record number of Americans unemployed, can they afford to keep paying for something not usually considered a necessity.
So what is more important to Americans: being distracted from their Coronavirus quarantine and fears or paying the bills? To help us answer the question, Invoke has launched the first in a series of Pulse sessions to help us follow the impact of the Coronavirus Crisis on Americans’ consumption of content. Our March 30th Pulse session, surveyed a variety of Americans, ages 18-54, asking them about their perceptions of the Pandemic, how the crisis has impacted their lives and how they view content.
While we expected there to be an increase in how much Americans are viewing since the beginning of the outbreak, we also expected that we would see some impact on what they subscribe to based on financial concerns. Surprisingly that was not the case. Although ¾ of our participants are concerned about their finances, they still are not ready to make changes (increases or decreases) to what they spend their money on in terms of content subscriptions.
That being said, the type of content they watch is shifting. Similar to what was seen during the Great Depression, Americans are looking for things to help them escape a reality fraught with sickness, death, isolation and uncertainty. Based on the feedback from our participants—64% of whom are very concerned about the Coronavirus Pandemic—they are viewing more comedies and avoiding movies and TV that reminds them of what is happening in the world.
Will these trends continue as the economic impact of the Coronavirus quarantines continue? Or will the economic realities of reduced incomes force people to make choices? Check back in next week to see how the situation has evolved.
Download the report to get the details.